The 600 members of Teamsters Local 830 agreed Saturday to a new five-year contract with Liberty Coca-Cola Beverages, ending the threat of a strike, the company said.
The two sides had been negotiating since February over a plan to switch worker pensions to a 401(k)-style benefit as the city's new soda tax has diminished Philadelphia soda consumption.
Teamsters approved by a 2-1 ratio a contract that will switch the union's pension to a defined-contribution plan from an old-style defined-benefit plan, Mayra Linares-Garcia, a vice president with Liberty Coca-Cola, said Saturday evening.
The new pension does not require Teamsters members to match or contribute to the money that the company puts into the new pension plan, Linares-Garcia said. She called it a "generous" offer and said "we are proud of what we presented." She declined to disclose more specific information.
A spokesman for Teamsters Local 830 was not immediately available for comment.
The new contract — which is retroactive to April 15, the date the prior one expired — also provides for annual wage increases, Linares-Garcia said.